Bank Auditor Careers: Salary Info & Job Description

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What are the pros and cons of a bank auditor career? Get real job descriptions, career prospects and salary info to see if becoming a bank auditor is right for you.
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Pros and Cons of a Career as a Bank Auditor

Bank auditors are individuals who ensure that a bank's finances and information are not being mismanaged. Find out the pros and cons of becoming a bank auditor to see if it's right for you.

Pros of a Career as a Bank Auditor
Higher-than-average pay (median annual salary of $65,940 for accountants and auditors in May 2014)*
An entry-level position is obtainable with a bachelor's degree*
Variety of job tasks (conducting investigations, hiring and training new employees, recommending courses of action to management, and directing work)**
Advancement to higher levels can be obtained through work experience alone*

Cons of a Career as a Bank Auditor
Employers may prefer bank auditors with years of experience**
A master's degree or certification may be required or preferred by some employers*
Bank auditors may work more than 40 hours per week, especially during the end of a fiscal season or tax year*
This may be a high-stress career as lending tightens and auditing regulations change*

Sources: *U.S. Bureau of Labor Statistics, **April 2012 job postings from Monster.com.

Career Information

Job Duties

Bank auditors analyze records and activities of the banks that they work for. These individuals go through year-end financial statements to ensure that a banking institution reports all transactions and is being managed correctly. As a bank auditor, you would be responsible for planning and preparing for audits then later reporting on information revealed in the audits.

Job Outlook and Salary Information

The U.S. Bureau of Labor Statistics (BLS) does not report specifically on bank auditors, but does offer information for accountants and auditors in general. From 2012-2022, auditors and accountants are expected to see a 13% employment growth, according to the BLS. Part of the increase may be due to the tightening of lending restrictions. In May 2014, there were over one million accountants and auditors working in the U.S., and these professionals earned a median annual salary of about $65,940. Most of those individuals reported earnings between about $40,850 and $115,950 in 2014, although pay can vary based on field.

Career Requirements

A bachelor's degree in a subject like accounting or finance is a common requirement for a career as a bank auditor. These degree programs typically include courses in corporate finance, financial accounting, taxation, cost accounting and ethics. In addition to education, you'll typically be expected to possess skills in some key areas that are important for auditing work. These could include:

  • Math and finance skills
  • Organizational skills
  • Ability to work as part of a team
  • Ability to multitask
  • Good communication skills

What Are Employers Looking for?

Auditors must be good with figures and must be very detail-oriented. They must typically hold a bachelor's degree, and industry certification can be preferred. Job listings posted in April 2012 show what some employers are looking for in bank auditor candidates:

  • A California company seeks a bank auditor to appraise financial and fiduciary activities of the bank. This person will report their findings after conducting internal audits. They will also act as a liaison between regulators, law enforcement and the bank. At least a bachelor's degree and professional certification as either a Certified Bank Auditor or CPA are required.
  • A South Dakota bank seeks an internal auditor with a bachelor's degree and a minimum of ten years of experience. Travel is required in this position.
  • A California bank seeks a senior auditor to act as team lead for the bank audit team, which would require planning risk assessments, executing audits and managing personnel. The candidate should have a bachelor's degree or auditing-related professional certifications. Also, 4-7 years of experience is required.
  • A California company seeks a bank auditor with experience in Sarbanes Oxley (SOX) texting. This individual must have experience in a mid-tier firm, 8-15 years work experience and knowledge of Microsoft Office, Visio or SOX documentation.
  • An Atlanta bank seeks a senior auditor to conduct internal audits for corporate business clients. This person should have knowledge of financial institutions and know how to work as part of a team. This person will complete a variety of audits and create reports regarding those findings. An advanced degree and professional certifications are requested.

How To Stand out

Continue Your Education

A master's degree in a subject like finance or accounting could be preferred in potential bank auditors, according to both job postings and the BLS. In addition to a more in-depth study of complex financial topics, holding a master's degree is also necessary for some certifications that are preferred by employers, like the CPA credential.

Get Certified

The Institute of Internal Auditors (IIA) offers a Certified Internal Auditor credential, which requires a 4-year degree and at least two years work experience. The IIA also offers certifications, such as the Certified Financial Services Auditor or the Certified Government Auditing Professional.

The CPA credential can be earned through the American Institute of Certified Professional Accountants after the completion of a master's degree in accounting. An auditor employed at a bank does not necessarily need to be a CPA, but it could be preferred by employers.

Alternative Career Options

Financial Analyst

If finance is your field but you don't want to work in a bank conducting audits, you could consider a career as a financial analyst. With a 4-year college degree in a subject like finance, economics or accounting, you can obtain an entry-level financial analyst position. You'll need to be able to work with and comprehend a large amount of information and have strong mathematical skills. A master's degree is typically mandatory for advancement in this position.

The BLS projects a 23% increase in employment of financial analysts from 2010-2020. In 2011, the BLS stated that these professionals earned a median annual salary of about $76,000. Many financial analysts are required to be licensed through the Financial Industry Regulatory Authority, but this licensure comes after employment because employer sponsorship is necessary.

Financial Manager

If you're interested in a position that could offer a higher salary, despite slower job growth and a highly competitive field, you may consider becoming a financial manager. In 2011, the BLS reported that financial managers earned a median annual salary of about $107,000, though the job growth from 2010-2020 was only expected to be about nine percent.

A bachelor's degree in a subject like business administration, finance or economics is typically sufficient for such a position, though some employers may prefer a master's degree. Additionally, about five years of experience is necessary to enter into a management position. These professionals are in charge of analyzing the financial well being of an institution, as well as designing plans and setting goals to improve those finances.

Popular Schools

  • Online Programs Available
    1. Kaplan University

    Program Options

    Master's
      • MS in Accounting - Audit Specialization
      • Master - Accounting
      • MS in Accounting- Tax Specialization
      • MS in Accounting - Government Specialization
      • MS in Accounting - Finance Specialization
      • MBA: Finance
    Bachelor's
      • Bachelor: Auditing-Forensic Accountancy
      • Bachelor: Tax Accountancy
      • Bachelor: Accounting
      • Bachelor: Public-General Accountancy
      • Bachelor: Managerial Accountancy
      • BSBA - Investment
    Associate's
      • Associate: Accounting
      • Associate: Business Admin.
      • Associate: Business Admin. - Office Mgmt
  • Online Programs Available
    2. Strayer University

    Program Options

    Master's
      • M.S. in Accounting: Taxation Concentration
      • M.S. in Accounting: Public Accounting Concentration
      • M.S. in Accounting: Corporate Accounting
      • M.S. in Accounting: International Accounting
      • M.S. in Accounting: Forensic Accounting
      • Master of Business Admin: Accounting Concentration
    Bachelor's
      • Bachelor of Business Admin: Accounting
      • B.S. in Accounting
      • Bachelor of Business Admin: Management Concentration
      • Bachelor of Business Admin: Finance Concentration
    Associate's
      • Associate in Arts in Accounting
      • Associate in Arts in Business Admin
    Certificate
      • Diploma in Acquisition and Contract Management
  • Online Programs Available
    3. Southern New Hampshire University

    Program Options

    Master's
      • MS in Accounting - Auditing
      • MS in Accounting - Taxation
      • MBA in Forensic Accounting
      • MS in Accounting
      • International MBA in Forensic Accounting
      • International MBA in Accounting
    Bachelor's
      • BS in Accounting
      • BS in Business Studies - Accounting
      • BS in Business Studies - Org Leadership
      • BS Finance
      • BS in Finance - Financial Planning
      • BS in Business Studies - Business Finance
    Associate's
      • AS in Accounting
      • AS in Business Administration
  • Online Programs Available
    4. Ashford University

    Program Options

    Master's
      • MA-Accountancy
      • MA/Accountancy - Accounting
      • MBA - Finance
      • MBA - Media Management
      • MBA - Business Economics
      • MBA
    Bachelor's
      • BA/Sports and Recreation Management - Finance
      • B.A. - Accounting
      • B.A. - Business Admin
      • B.A. - International Business
      • B.A. - Operations Management and Analysis
  • Online Programs Available
    5. Regent University

    Program Options

    Master's
      • Master of Business Administration - Accounting
      • Master of Arts in Law - Business
      • Master of Arts in Law - Wealth Management/Financial Planning
      • Master of Business Administration - Finance and Investing
      • Master of Business Administration - Franchising
      • Master of Business Administration
    Bachelor's
      • Bachelor of Science in Accounting
      • Bachelor of Science in Business - Accounting
      • Bachelor of Science in Business
      • Bachelor of Science in Professional Studies - Business
      • Bachelor of Arts in English - Government
      • Bachelor of Arts in Government
  • Online Programs Available
    6. Grand Canyon University

    Program Options

    Doctorate
      • DBA - Management
    Master's
      • MBA: Accounting
      • MS in Accounting
      • MBA: Finance
      • MBA
    Bachelor's
      • BS in Accounting
      • Bachelor of Science in Business for Secondary Education
      • BS in Applied Management
      • BS in Finance and Economics
      • BS in Business Admin.
  • Online Programs Available
    7. Colorado State University Global

    Program Options

    Master's
      • Master of Professional Accounting
      • Master of Finance
    Bachelor's
      • BS - Accounting
  • Online Programs Available
    8. Herzing University

    Program Options

    Master's
      • MBA Dual Concentration: Accounting & Healthcare Mgmt.
      • MBA Dual Concentration: Accounting and Public Safety Leadership
      • MBA
      • MBA Dual Concentration: Accounting and Human Resources
      • MBA Dual Concentration: Business Management and Public Safety Leadership
      • MBA Dual Concentration: Business Mgmt & Project Mgmt.
    Bachelor's
      • Bachelor: Accounting
      • B.S. - Business Management: Business Admin Concentration
      • B.S. - Business Management With No Concentration
    Associate's
      • Associate of Science - Accounting
      • Associate of Science - Business Studies
      • Associate of Science - Business Management
    Certificate
      • Diploma: Bookkeeping and Payroll Accounting
  • Campus and Online Programs
    9. Full Sail University

    Program Options

    Master's
      • M.S. - Internet Marketing
  • Campus and Online Programs
    10. Everest

    Program Options

    Associate's
      • Associate's - Accounting

Featured Schools

Kaplan University

  • MS in Accounting - Audit Specialization
  • Bachelor: Auditing-Forensic Accountancy
  • Associate: Accounting

Which subject are you interested in?

Strayer University

  • M.S. in Accounting: Taxation Concentration
  • Bachelor of Business Admin: Accounting
  • Associate in Arts in Accounting
  • Diploma in Acquisition and Contract Management

What is your highest level of education completed?

Southern New Hampshire University

  • MS in Accounting - Auditing
  • BS in Accounting
  • AS in Accounting

What is your highest level of education?

Ashford University

  • MA-Accountancy
  • MA/Accountancy - Accounting
  • BA/Sports and Recreation Management - Finance
  • B.A. - Accounting

What is your highest level of education?

Regent University

  • Master of Business Administration - Accounting
  • Master of Arts in Law - Business
  • Bachelor of Science in Accounting
  • Bachelor of Science in Business - Accounting

What is your highest level of education completed?

Grand Canyon University

  • DBA - Management
  • MBA: Accounting
  • BS in Accounting

What is your highest level of education?

Colorado State University Global

  • Master of Professional Accounting
  • Master of Finance
  • BS - Accounting

What is your highest level of education?

Herzing University

  • MBA Dual Concentration: Accounting & Healthcare Mgmt.
  • Bachelor: Accounting
  • Associate of Science - Accounting
  • Diploma: Bookkeeping and Payroll Accounting

What is your highest level of education?